China sets up renminbi clearing bank in Laos

renminbi-notes

A state-owned Chinese bank has opened renminbi clearing services in Laos, a move authorities say will help promote faster cross-border payment and trade between the two countries.

The Industrial and Commercial Bank of China (ICBC)’s branch in Vientiane has been designated to clear and settle renminbi transactions in Laos, Xinhua News reported on October 25.

Seven banks in Laos signed agreements to set up clearing arrangements with the ICBC branch at a ceremony on October 23, according to the

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